NIGERIA Invest in 2012-13 - Newsdesk Media

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FOREWORD
Goodluck Ebele Jonathan
President of Nigeria
InvEst In nIGERIA 2012-13
Nigeria’s aim of becoming one of the world’s 20 biggest economies by 2020
remains on track, despite the fact that the world is still living in the shadow of
the financial crisis that started five years ago. We understand that investment
decisions of institutions the world over are going to be driven by an ever-reducing
set of high-quality opportunities, as they rebuild in the shadow of the crisis.
With that in mind, I am proud to say that Nigeria has been at the forefront of a global
effort to reform banking systems that were vulnerable to systemic risks threatening to topple the
global order. It is also fair to say that this country, through its exceptional financial
policymakers, including Finance Minister Dr Ngozi Okonjo-Iweala who stood for presidency of
the World bank this year, has been able to reshape its financial system to make it able to
effectively support this fast-growing country. Whether at the national level or through the largest
banks, the stock market or local levels, an infrastructure is being put in place that should instil
greater confidence in partners looking to take a more active interest in working with Nigeria,
while the fight against corruption continues apace.
These improvements were necessary to create the bedrock for growth in Nigeria’s economy,
in which energy resources of course play a key role. But it is the changes to the political
process, witnessed in last year’s elections, that set the standard for how a modern, democratically
thinking country should operate that is of huge importance to our partners. Observers in the
wider world are aware of how important this is for Nigeria to face up to its challenges, including
religious sectarianism, that are a potential roadblock to becoming a secure and modern economy.
Observers of Nigeria will understand that it is best judged in how far its gains have been in
these economic areas, as well as in its continuing efforts to modernise society in the areas of
healthcare and education. Nigerians display a great passion for tackling the shortfalls where
they exist in these areas, and understand that these improvements can only come if power
supplies and transport infrastructure are vastly improved. Yet these areas too offer great
investment opportunity and a way of partnering with Nigeria as it moves faster down the path
of becoming one of the top 20 economies in the world by 2020.
Of course, the other key characteristics of being a modern functioning economy, such as a
fully developed technological base and infrastructure, will come in time as electricity becomes
available at all times throughout the country. It will also happen as larger numbers of well-educated
Nigerians in various areas return to the country to live and work after developing skills overseas.
With improving transport infrastructures such as rail and port facilities, Nigeria can look
more confidently at how it develops its under-rated mineral and agricultural assets. The
potential of Nigeria’s vast landscape in these areas has been overlooked over the years because
of the success of the oil industry, but their importance will only increase, especially given
Nigeria’s strategic importance in west Africa alongside countries demanding these assets.
Another area to consider is Nigeria’s petrochemical industry, which will inevitably take greater
advantage of Nigeria’s oil supply as facilities improve.